- Chainlink recovery stalls as key resistances cap upside within a bearish chart setup.
- 50-day, 200-bar EMAs challenge LINK bulls inside a six-week-old “Bearish Megaphone” pattern.
- Chainlink–MasterCard partnership, combined with bullish RSI and MACD signals, supports buyer momentum.
- Multiple support levels may challenge LINK/USD sellers, but bulls should stay cautious below $15.40.
Chainlink (LINK/USD) is mildly offered around $13.40 during Wednesday’s European session, as the price struggles to defend a two-day winning streak at its highest level in a week. The move comes in the wake of Tuesday’s announcement of the Chainlink–MasterCard partnership, which initially lifted sentiment. However, LINK now faces stiff resistance from key Exponential Moving Averages (EMAs) while trading within a six-week-old “Bearish Megaphone” pattern, keeping bullish momentum in check.
On June 24, Chainlink announced a partnership with global payment giant MasterCard, enabling cardholders worldwide to purchase crypto assets directly on-chain via a secure fiat-to-crypto conversion process.
The bullish news lifted LINK/USD to a weekly high; however, the rally quickly ran into resistance from the 200-bar EMA on the four-hour chart and the 50-day EMA on the daily timeframe—both posing key technical hurdles for the bulls.
Despite the broader bearish chart pattern, price-positive signals from the 14-day Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator are keeping buyer sentiment alive. These indicators suggest that bullish momentum may still overcome the immediate resistance, offering hope for further upside in the near term.
LINK/USD: Daily chart signals further recovery
Source: Tradingview
The RSI hovering near the 50.0 neutral level, combined with an impending bullish crossover on the MACD, supports the potential for a breakout above the immediate $14.00 resistance—defined by the 50-day EMA—for the LINK/USD pair.
However, even if that level is breached, bulls face major obstacles ahead. The 200-day EMA near $15.40, followed by a key horizontal resistance zone between $17.45 and $17.90—intact for over five months—and the psychological $18.00 mark, all pose stiff challenges.
A successful break above these levels could open the door for a run-up toward the $20.00 psychological barrier.
On the downside, immediate support lies near $12.70, a level that has held for the past two weeks. If sellers extend their pressure beyond the recent low of $10.96, the next key support rests around $10.00, marking the lows seen since early November 2024 and acting as a critical floor for the pair.
LINK/USD: Four-Hour chart signals limited upside room
Source: Tradingview
Chainlink’s price action since May 12 outlines a “Bearish Megaphone”—a broadening chart pattern typically signaling volatility and trend uncertainty. Currently, the LINK/USD pair is testing the 200-bar EMA resistance near $13.73 within this formation, with the pattern’s upper boundary—around $14.75—serving as the next major upside hurdle.
Encouragingly, RSI conditions remain strong but not overbought, while a bullish MACD crossover reinforces the potential for continued gains beyond the $13.73 resistance. However, a decisive break above $14.75 will be critical to validate further upside, potentially paving the way toward a test of the monthly high near $15.65. Beyond that, broader resistance levels highlighted on the daily chart—such as the 200-day EMA and horizontal caps—would come into focus.
On the downside, the lower boundary of the megaphone pattern, currently near $10.70, adds another key level of support to monitor—alongside previously discussed daily chart levels around $12.70 and $10.96.
In summary, Chainlink appears poised to extend its recovery in the near term, but upside potential remains limited unless bulls can decisively overcome the $14.75 resistance and hold gains above it.
